Nigeria’s total merchandise trade rose to N41.44 trillion in the second quarter of 2026, driven largely by stronger exports, although the latest data from the National Bureau of Statistics (NBS) highlights the country’s continued dependence on crude oil and other mineral products.
The figure represents a 19.13 per cent increase from the N34.79 trillion recorded in the first quarter of the year and a 5.61 per cent rise compared with the N39.24 trillion recorded in the corresponding period of 2025.
According to the NBS Foreign Trade in Goods Statistics for Q2 2026, exports accounted for the bulk of Nigeria’s trade during the quarter, rising to N27.02 trillion.
The export value increased by 27.64 per cent compared with N21.17 trillion in Q1 and 18.77 per cent year-on-year from N22.75 trillion recorded in Q2 2025.
Imports, however, grew at a slower pace, rising to N14.42 trillion from N13.62 trillion in the previous quarter. This represents a 5.91 per cent quarterly increase, although imports remained 12.55 per cent below the N16.49 trillion recorded in Q2 2025.
The stronger export performance pushed Nigeria’s merchandise trade surplus to N12.60 trillion, representing a 101.32 per cent increase compared with the surplus recorded in the corresponding quarter of 2025.
Oil Still Dominates Export Earnings
Despite renewed efforts to diversify Nigeria’s export base, mineral products continued to dominate the country’s outbound trade.
The NBS reported that mineral products accounted for N23.52 trillion, or 87.04 per cent, of total exports during the quarter.
Products from the chemical and allied industries followed with N2.14 trillion, representing 7.91 per cent, while vegetable products contributed N516.70 billion, or 1.91 per cent.
Crude oil remained Nigeria’s largest individual export, generating N12.91 trillion, equivalent to 47.79 per cent of total exports.
Crude oil exports increased by 7.93 per cent from N11.97 trillion in Q2 2025 and by 15.28 per cent compared with N11.20 trillion recorded in Q1 2026.
Other petroleum products also recorded significant growth, reaching N10.38 trillion, representing a 34.08 per cent year-on-year increase and a 53.05 per cent rise from the previous quarter.
Non-Oil Exports Face Fresh Pressure
The performance of several non-oil sectors remained weak during the period.
Agricultural exports fell to N802.99 billion, declining by 36.09 per cent from N1.26 trillion in Q2 2025 and by 31.51 per cent from N1.17 trillion in Q1 2026.
Manufactured exports also declined sharply, falling by 51.10 per cent year-on-year to N393.03 billion, although the figure represented a 29.87 per cent increase from the previous quarter.
Raw material exports, however, recorded strong growth, rising by 181.24 per cent year-on-year to N2.31 trillion, while solid mineral exports increased by 90.03 per cent to N146.91 billion.
China Remains Nigeria’s Biggest Import Source
China maintained its position as Nigeria’s dominant source of imported goods, accounting for 41.02 per cent of total imports, valued at approximately N5.92 trillion.
The United States followed with N1.01 trillion, representing 6.97 per cent of imports, while India accounted for N924.46 billion, or 6.41 per cent.
The Netherlands and Germany recorded N409.81 billion and N395.87 billion respectively.
Machinery and transport equipment constituted Nigeria’s largest import category, valued at N5.46 trillion, or 37.83 per cent of total imports.
Chemicals and related products accounted for N2.51 trillion, while manufactured goods contributed N1.87 trillion.
Among the leading imported commodities were motor spirit, crude petroleum oils, durum wheat, used diesel vehicles, and motorcycles and cycles fitted with auxiliary motors.
Nigeria Records Strong Trade Balance with Africa
Nigeria’s trade with other African countries remained heavily skewed in favour of exports.
The country exported goods worth N6.65 trillion to Africa during the quarter, compared with imports valued at N1.10 trillion.
Togo emerged as Nigeria’s largest African export destination with N1.50 trillion, followed by South Africa at N1.34 trillion and Côte d’Ivoire at N1.22 trillion.
Ghana and Egypt followed with N461.36 billion and N455.81 billion respectively.
The five countries collectively accounted for 74.75 per cent of Nigeria’s exports to Africa.
Within West Africa, Nigeria exported N3.82 trillion worth of goods while imports from the region stood at N280.66 billion.
Nigeria’s exports to ECOWAS countries amounted to N3.75 trillion, compared with imports of N269.06 billion.
However, the composition of exports to Africa remained largely petroleum-driven.
Crude oil accounted for 48.58 per cent of Nigeria’s exports to the continent, while gas oil and kerosene-type jet fuel accounted for 19.88 per cent and 14.66 per cent respectively.
The five leading export products collectively represented 91.6 per cent of Nigeria’s exports to Africa, underscoring the limited contribution of non-oil products to the country’s continental trade.
Agricultural Imports Rise Despite Export Decline
The NBS data also showed increased pressure from agricultural imports.
Nigeria imported agricultural products worth N1.2 trillion in Q2 2026, representing a 1.63 per cent increase from N1.18 trillion recorded a year earlier and a much sharper 45.43 per cent rise from N827.72 billion in Q1.
Major agricultural imports included durum wheat, frozen blue whiting meat and frozen herring meat.
On the export side, cashew nuts in shell led agricultural exports with N268.62 billion, followed by standard-quality cocoa beans at N154.31 billion and sesame seeds at N96.03 billion.
Superior-quality cocoa beans generated N58.82 billion, while soya beans contributed N50.22 billion.
The latest figures point to a widening trade surplus for Nigeria but also highlight the challenge of achieving meaningful export diversification, with crude oil and other mineral products still accounting for the overwhelming share of the country’s export earnings.
